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Soybeans, Grains Called to Open Lower on Rain, Reduced Demand

Aug. 7 (Bloomberg) -- What follows are opening calls for U.S. grain and oilseed markets, which open at 5 p.m. on the Chicago Board of Trade.

-- Soybean futures are called to open 1 cent to 3 cents a bushel lower as forecasts for rain during the next five days boost the outlook for crop reproduction and yields in about two-thirds of the U.S., Dax Wedemeyer, a commodity broker at U.S. Commodities Inc. in West Des Moines, Iowa, said in a telephone interview.

-- Corn futures may open down 1 cent to 2 cents a bushel on speculation that a 58 percent jump in prices since June 15 will slow demand as harvesting starts in the southern U.S., Wedemeyer said.

-- Wheat futures may open steady to 2 cents a bushel lower as improved yields in the northern U.S. Great Plains and Canada increase global production amid crop losses forecast for Russia, Ukraine and Kazakhstan, Wedemeyer said.

To contact the reporter on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net.

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